To initiate the quest chain for reawakening, you must meet the above two requirements.
Doing so will give you a purple quest to go see General Summer(521,629).

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Need to pick up the quest New Horizons: Summer Reawakened
This will lead you to the Master of Cycles npc(564,675).

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He will give you an item that will enable you to reborn your character and set you back to level 1.

You will also be given a fairly strong level 1 weapon and chest piece to use for the early levels.
A new circle with the number 1 will appear by your character portrait in the upper left, telling you have reborn once and now have 4x exp for mobs and quests (yes, quests).

The Master of Cycles npc will give you surprisingly detailed information on what reawakening will and will not do for you once you are set back to level one.

Some of these effects are:
Your culti will not be reset.
Your stats will be wiped, but depending on what level you reborn at, you will get extra stat points.
Your gear such as belts, capes, rings are wearable at level 1 because they are not stat dependent.
Gear that is stat dependent will not be wearable until you get to a high enough level to have enough stat points to wear them.
You can use your high level genie.
You can use ALL of your skills, demon/sage, 79 and 100, etc.
Quests that are level dependent will not be available to you until you reach the appropriate level.
You can use all pots.

Depending on when you reawaken, you will gain extra stat points.
The list is as follows:

100 = 20
101 = 25
102 = 32
103 = 42
104 = 56
105 = 76

You will not lose out on extra stat points if you reborn before max level
If you reborn with one of your attributes at 3, it will stay at 3, and reimburse you the 2 points for not having it at 5.

Primal World

The Primal World is a new map designed for players who have reborn to take part in quest chains to gain vitae for their Arcane Sky levels.

Upon reawakening, you are set at Arcane Sky I.
In order to level this up, you need vitae, and lots of it.

Arcane Sky levels are needed to learn new skills and upgrade them.
Arcane Sky goes up to X (10), Mirage Sky is the second set of levels.

The primal world is accessible early on after being reborn, however the mobs there are far too strong to do at early levels.

Primal World can be entered via the Messenger of Time npc (552,654 oht maps), or at the Morai teleport npc.

The new map won't be fully available at once.
Areas will be unlocked once the Boundary hits 100% (viewable by pressing m).
Boundary increases for every player that reaches Arcane Sky 10.